Principal Financial Group Inc. Sells 96,141 Shares of Owens Corning (NYSE:OC)

Principal Financial Group Inc. reduced its holdings in shares of Owens Corning (NYSE:OC - Free Report) by 31.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 207,479 shares of the construction company's stock after selling 96,141 shares during the period. Principal Financial Group Inc. owned about 0.24% of Owens Corning worth $36,624,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Retirement Systems of Alabama grew its position in Owens Corning by 3.1% during the 3rd quarter. Retirement Systems of Alabama now owns 196,672 shares of the construction company's stock worth $34,717,000 after acquiring an additional 5,916 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Owens Corning by 5.3% in the third quarter. Franklin Resources Inc. now owns 444,748 shares of the construction company's stock worth $83,381,000 after purchasing an additional 22,500 shares during the last quarter. Synovus Financial Corp purchased a new position in shares of Owens Corning in the third quarter worth $337,000. World Investment Advisors LLC bought a new stake in Owens Corning during the 3rd quarter valued at $23,002,000. Finally, Sanctuary Advisors LLC boosted its position in Owens Corning by 41.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 30,129 shares of the construction company's stock valued at $5,318,000 after buying an additional 8,775 shares during the period. 88.40% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Gunner Smith sold 17,450 shares of the firm's stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $191.19, for a total value of $3,336,265.50. Following the transaction, the insider now owns 18,866 shares of the company's stock, valued at approximately $3,606,990.54. This trade represents a 48.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.89% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on OC shares. Barclays raised shares of Owens Corning from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $192.00 to $245.00 in a research note on Wednesday, December 11th. Wells Fargo & Company raised Owens Corning from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $195.00 to $225.00 in a research report on Tuesday, December 17th. UBS Group boosted their target price on Owens Corning from $197.00 to $218.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. StockNews.com upgraded Owens Corning from a "hold" rating to a "buy" rating in a report on Saturday, November 9th. Finally, The Goldman Sachs Group lifted their price target on shares of Owens Corning from $178.00 to $198.00 and gave the company a "neutral" rating in a report on Thursday, November 7th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $200.83.

Owens Corning Stock Up 0.1 %

Shares of OC traded up $0.18 during mid-day trading on Tuesday, reaching $171.09. The company had a trading volume of 343,638 shares, compared to its average volume of 718,260. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The company has a market capitalization of $14.68 billion, a price-to-earnings ratio of 14.56, a price-to-earnings-growth ratio of 2.14 and a beta of 1.42. The firm has a 50-day moving average price of $190.60 and a 200 day moving average price of $177.85. Owens Corning has a 52 week low of $138.70 and a 52 week high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping analysts' consensus estimates of $4.05 by $0.33. The firm had revenue of $3.05 billion for the quarter, compared to analysts' expectations of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company's quarterly revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the firm posted $4.15 earnings per share. On average, sell-side analysts forecast that Owens Corning will post 15.46 EPS for the current year.

Owens Corning Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Monday, January 6th will be paid a $0.69 dividend. The ex-dividend date of this dividend is Monday, January 6th. This represents a $2.76 annualized dividend and a dividend yield of 1.61%. This is a boost from Owens Corning's previous quarterly dividend of $0.60. Owens Corning's payout ratio is currently 23.49%.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.